Each asset supported by the Flux Finance Protocol is integrated through a fToken contract, which is a representation of balances supplied to the protocol. fTokens, such as fUSDT, are a fork of Compound V2's cTokens, with additional functionality to support permissioned assets. 

fUSDT is minted when users deposit USDT on Flux Finance. By doing so, the user's USDT will become available to borrowers, and the user will earn the USDT supply rate. fUSDT increases in value relative to the underlying USDT, meaning users can redeem more assets over time as interest is earned. The interest rate earned by lenders fluctuates and depends on the market's utilization (i.e. the percentage of deposited assets that have been borrowed).

In January 2023, Flux was announced as a decentralized lending protocol that can support permissionless cryptoassets alongside permissioned tokens. The protocol was initially developed by Ondo Finance, a software development firm in DeFi, before being sold to Flux Finance.

Flux is governed by the Ondo DAO, in which ONDO holders vote to upgrade its code and alter its risk parameters. In February 2023, the protocol was initialized and its supported assets and parameters were selected in a genesis vote. fDAI was among the first assets to be selected, alongside fUSDC and fOUSG. Markets for these assets opened shortly after.

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